The private equity arm of Standard Chartered Bank and investment group Ashmore have bought a minority stake in West Africa's only aluminium can maker, as private equity buyers look to tap into growing consumer demand on the continent.

The deal for an undisclosed minority stake in Nigerian can manufacturer GZ Industries, which makes drinks cans for brewer Guinness and soft drinks giant Coca-Cola, comes as the world's largest private equity firms make their first steps into sub-Saharan Africa, which boasts some of the world's fastest growing economies and is expected to see its population double to some 2bn by 2050.

No financial details were disclosed for the minority stake purchase, which will see Standard Chartered Private Equity increase its stake in GZI and Ashmore enter as a new investor following a competitive sale process run by Nigeria's Stanbic IBTC Bank.

The deal will allow some of the company's founders to reduce their stakes and pave the wave for further expansion of the can maker. GZI's plant in Nigeria's Ogun State opened its doors in 2010 and has since doubled capacity to 1.2bn cans a year.

Standard Chartered is one of Africa's largest private equity groups and invested alongside Carlyle in agricultural commodities firm Export Trading Group last year, the US private equity giant's maiden deal in sub-Saharan Africa. It also invested some $74m in ETC Group Mauritius, another food producer and distributor, last year.

"The plan is to build on GZI's position as regional market leader by establishing new plants elsewhere in West Africa and elsewhere on the continent," said Peter Baird, head of Standard Chartered Private Equity in Africa.

As well as making cans for Guinness and Coca-Cola, GZI also produces cans for brewers Heineken and SABMiller. The market for soft drinks and beer is expected to grow by about 10% a year for the next seven or eight years, Baird said.

Despite last year's landmark deal by Carlyle, private equity investment in Africa remains low amid worries about political risks and a lack of companies to invest in. Total deal value fell more than 11% in 2012 to $691m, far below the $6.4bn private equity houses invested on the continent in 2007, according to data from Dealogic.

However, investors including pension funds are increasingly being drawn to Africa in search of better returns. Private equity fundraising for Africa could hit $4bn in 2013, a more than three-fold increase on the $1.2bn raised last year, according to Palico, an online market for private equity investors and managers.

Standard Chartered has invested some $5bn globally in emerging markets private equity deals, typically putting $25m to $100m into a single transaction.

Standard Chartered and Ashmore were advised by Linklaters. The sellers were advised by law firm SNR Denton.